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My question
wasn’t answered here. How can I contact
The Mortgage Shop?
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You can reach us by
phone in our offices
between 8:00am and
9:00pm EST, Monday
through Friday at
1-877-346-6327
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Is The Mortgage Shop
entirely an electronic firm?
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The Mortgage Shop is a brick
and mortar company which
has diversified to an
electronic format to
better service the needs
of it’s customers. The
parent company of
The Mortgage Shop, has closed over 3
billion dollars of home
loans. The Mortgage Shop is a
licensed lender in over
40 states. |
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Who is The Mortgage Shop?
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The Mortgage Shop is a
mortgage banker which is
licensed in over 40
states. This means that
we also act as the
broker which helps us
lower your costs by
eliminating the middle
man. As mortgage
bankers, we are able to
offer the most
competitive rates in the
industry. We customize
loans specifically to
fit your needs and offer
both conforming and
non-conforming loans. |
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How much
of a downpayment do I need?
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There is no set amount
you need to put down.
There are conforming
programs that require as
little as 3% down or
non-conforming programs
that require no
downpayment at all. The
amount you put down
could affect your
interest rate.
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What if
I do not have any established credit?
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The Mortgage Shop will work
with you to obtain
alternative credit such
as using rental
histories, utility bills
and phone bills as
reference. We will find
a loan for you based on
the information you are
able to provide. |
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What if
I had past credit problems like a bankruptcy
or foreclosure?
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Past credit problems do
affect the amount of
money you can borrow. If
you have re-established
your credit after a
bankruptcy or
foreclosure, you can
qualify for a conforming
loan or a non-conforming
loan. If your bankruptcy
has been recently
discharged, The Mortgage Shop
has a program to fit
your needs. |
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How much
of a loan can I qualify for?
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The amount of money you
can borrow is dependent
on the your income,
assets, debts and credit
history. To help you
determine the
approximate amount you
can borrow, go to the
pre-qualification
section. This will give
you a guideline on how
much financing you can
obtain. |
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How do I
get started?
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It’s simple. Go to our
home page and click on
one of our three loan
programs, Purchase,
Refinance, or Second
mortgage. Once you have
chosen the loan type you
want, complete our
online pre-qualification
form and finally move to
our application. If you
need help, click on
either the Tools or
Advisors link on the
bottom bar of any page.
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Can I lock
in a program and interest rate online?
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Yes. You can request a
rate lock after you have
returned your package to
The Mortgage Shop and we have
reviewed your
documentation and credit
information. We will
notify you via e-mail or
telephone when you are
able to request a lock. |
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How quickly
will my loan be approved?
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You will receive a
response from
The Mortgage Shop immediately
after your application
is submitted. Once your
application is received,
you can expect to
receive an answer within
24 hours. The time
required to process your
application will be
related to the
completeness of your
application. |
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What is
the cost to submit a loan application?
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Absolutely free to you,
of course, you will be
responsible for paying
the loan processing and
closing costs and any
other fees to
The Mortgage Shop at the time
of closing. |
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After
I am approved for a loan what should
I expect?
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Once your loan
application is approved,
whether you applied
online or by mail, you
will get notification
from The Mortgage Shop that
your loan is processing.
Within 2 business days
you will receive a loan
package via U.S. mail
with a set of loan
documents for your
signature. This mailing
will also include a list
of documents we will
need to complete your
loan. |
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What kind
of documentation will I need to provide
to The Mortgage Shop for verification?
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There is no single list
of documents needed for
all applicants but you
should be prepared to
provide copies of bank
statements, W-2's or any
other pertinent document
necessary to
The Mortgage Shop. There are
also programs that allow
you to obtain a loan
without any income
verification. |
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Where
do I close?
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The closing normally
takes place within 30
minutes of your home.
The closing is usually
at an attorney’s office
or at a title company’s
office depending on
where you live.
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When will
I be ready to close my loan?
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Closing will be done
once The Mortgage Shop has
received the required
documentation and our
underwriter has signed
off on the conditions.
This usually takes
approximately 2-3 weeks. |
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Can I
apply for a purchase loan before I’ve
found my home?
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Yes. When you apply for
a purchase pre-approval
you simply assume a
maximum purchase price,
loan amount, and loan
program. Once your loan
has been approved you
can change any of these
variables to match the
specifics of the house
you have in mind. Please
note that we cannot lock
in a loan until a
property address has
been specified.
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What advantages
are there to refinancing?
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Refinancing your
existing mortgage can
help to lower your
monthly payments,
shorten the term of your
mortgage, or get cash
back for any reason. |
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Can I
borrow all of the equity in my home?
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Yes, you can borrow up
to 100% of the equity in
your home. You can use
this money to pay off
debts, for home
improvements, or
anything you need.
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Is it
safe to shop for a mortgage online?
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Yes. The Mortgage Shop uses
the latest in encryption
technology to ensure
that your information is
sent confidentially and
securely over the
Internet, please see our
security information
page for more details. |
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Does The Mortgage Shop
share client information with other
companies?
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Since The Mortgage Shop is a
lender and does all of
their processing
in-house, there is no
need for anyone other
than us to see or use
your information. Your
personal privacy and the
security of your
personal data are a
primary concern of ours.
The Mortgage Shop believes
that you should be aware
of who we are, the types
of information we may
collect on our web site,
and what we do with your
personal information.
Our overall philosophy
is straightforward.
Under no circumstances
will The Mortgage Shop sell or
share any personal
information about you to
or with any person or
organization except to
our authorized agents,
or as may be required by
law or court order. |
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What happens
if I have lost my password?
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If you have lost your
password and have been
issued a Loan ID #,
please call one of our
customer representatives
at 718-932-7676
and they will
assist you. |
